Overstock.com in its $21.5 million asset purchase agreement with Bed Bath & Beyond
On June 12th, 2023, Overstock.com, Inc. (Nasdaq: OSTK) entered into an Asset Purchase Agreement with Bed Bath & Beyond Inc. and certain of its subsidiaries pursuant to which Overstock agreed to acquire certain assets, including intellectual property, business data, rights to mobile applications, and other related assets and assumed certain specified liabilities for a total purchase price of $21,500,000.
Bed Bath & Beyond Inc. is a debtor in Chapter 11 cases before the United States Bankruptcy Court for the District of New Jersey which commenced on April 23, 2023. The Company has been designated as the “stalking horse” bidder. Consummation of the transaction is subject to the approval of the Bankruptcy Court under Section 363 of the U.S. Bankruptcy Code.
Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Overstock.